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This Week In Credit Card News--How Target Blew It, New Group To Study Card Security

Poring over computer logs, Target found FireEye’s alerts from November 30 and more from December 2, when hackers installed yet another version of the malware. Had the company’s security team responded when it was supposed to, the theft–that has since engulfed Target, touched as many as one in three American consumers, and led to an international manhunt for the hackers–never would have happened at all. [Bloomberg Businessweek]

Visa and MasterCard Plan Group Focused on Security

Visa and MasterCard announced they are bringing together large and small banks, credit unions, retailers, makers of card processing equipment and industry trade groups in a group that aims to strengthen the U.S. payment system for debit and credit cards. [Associated Press]

First American Bank in Chicago issued a news release and posted a notice on its website after 18 days of frustration over debit card fraud that it had traced to local taxis . The notice said people should no longer use debit or credit cards in Chicago taxicabs, Bank of America should shut off the card-swiping terminals in the back of those cabs, and MasterCard ought to learn to share more information with its customers. [New York Times]

Is This Steel Credit Card Worth $495?

Metal credit cards carry much higher annual fees to match their material. A titanium, palladium or stainless steel card could cost up to $300 each to manufacture, compared with just 15 to 50 cents for a plastic card. Despite their cost, there’s been a surge in popularity over the past decade. The number of metal credit cards in circulation has grown to 10 million from just 15,000 cards back in 2005, according to CPI Card Group. [Marketwatch]

Do You Know about Credit Card Repo Clauses?

According to a recent study of credit card terms in the United States, many card agreements allow banks to repossess items you have purchased to make up for money you owe on your account. More than 200 publicly-filed credit card agreements have “repo clauses” in them, which turn the items you purchase into security for your debt. [LowCards.com]

Retail Group Punts on MasterCard, Visa Smart Chip Security Plan

The largest U.S. retail trade group says new card technology proposed by a consortium of credit card issuers doesn’t go far enough to prevent credit card fraud. Visa and MasterCard processors said they are forming a new group to speed up the adoption of technology aimed at improving debit and credit card security in the wake of several high-profile data breaches. The processors disagree on the use of PIN technology in conjunction with chips. But National Retail Federation, which represents 12,000 retailers in the U.S., says implementing chip technology but not PIN is like installing an alarm on the front door of a home while leaving the back door open. [The Wall Street Journal]

Saving Money on Prepaid Card Fees

Prepaid debit cards have become incredibly popular, but most people don’t realize how many fees can be associated with these cards. Whether you use prepaid cards as an alternative to a checking account or as a budgeting tool, you can save money by getting the right cards to use. [LowCards.com]

Will Google Bring Good Fortune to Credit Karma?

Google is betting that good things will happen to Credit Karma, an online service that provides consumers with free copies of the credit scores that define their financial reputations. Credit Karma is getting Google’s endorsement and expertise as part of an $85 million investment announced Wednesday. Credit Karma’s CEO Ken Lin said the next product will be unveiled in about two months and will offer free access to a service that consumers traditionally have had to pay to get. [Associated Press]

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